In a recent development, Ripple has established its regional office in Dubai International Financial Centre (DIFC). According to the firm, the reason why they chose this location is that they are looking for innovative regulations. DIFC website has stated that it is giving more than 2,500 companies across Africa, the Middle East, and South Asia. Ripple Chose DIFC Due to Huge Client Base Navin Gupta, Managing Director at Ripple has mentioned the reason behind choosing DIFC is its huge client base. According to him, the firm is having a huge client base in the Middle East and North Africa region. He stated, “Our regional office will serve as a springboard to introduce our blockchain-based solutions and deepen our ties with even more financial institutions in the region.” Earlier, Ripple has announced its plan to relocate its headquarters due to several regulatory restrictions. According to the initial announcement, Brad Garlinghouse, CEO of the firm, and Chris Larsen, co-founder f the firm, have shortlisted San Francisco for the company’s headquarters. However, San Franciso is not in the shortlisted locations anymore and the company has chosen Singapore and Japan over it. It is still not clear, where the headquarters will be located but the firm is seeking a location that will have better regulatory clarity. Plans to Launch New Type of Crypto Valley DIFC has been offering no taxes on corporate income for blockchain firms like Ripple. By the starting of this year, Dubai Multi Commodities Centre has also announced that it is planning to launch a new type of crypto valley. This news of Ripple moving and relocating its headquarters and regional offices are coming during the time when XRP is facing huge volatility. The volatility is even more than that of Bitcoin and Ehereum this year. According to a recent report, XRP’s volatility for Q3 2020 is quite higher than Bitcoin and Ethereum’s volatility.
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